1. Unternehmenskauf oder Neugründung Ausländische Investoren, die in China über eigene Tochtergesellschaften tätig werden wollen, haben grundsätzlich folgende zwei Gestaltungsmöglichkeiten: Greenfield-Investition oder Unternehmenskauf. Bei Greenfield-Investitionen wird eine Gesellschaft neu gegründet. Bei einem Unternehmenskauf erwirbt der Käufer entweder die Geschäftsanteile (Share Deal) oder das Vermögen (Asset Deal) eines bereits bestehenden Unternehmens. Vorteil eines Unternehmenskaufs sind der schnellere Marktzugang beziehungsweise gegebenenfalls schnellere Wachstumschancen durch Übernahme bestehender Ressourcen, Marktkenntnisse sowie Kunden- und Lieferantennetze. Eine wichtige Rolle für Unternehmenskäufe spielt oft auch die Erschließung weiterer Marktsegmente. Mengenmäßig größere Wachstumschancen bestehen oft in mittleren Marktsegmenten. Ausländische Unternehmen, die im Top-Segment tätig sind, aber nicht ihre gut eingeführte Eigenmarke verwässern wollen, steigen in das mittlere Marktsegment ein durch Erwerb eines bereits in diesem Segment tätigen chinesischen…
efsxfjm Jdifjzo tfjeuo Bscfjutxfjtf/
Tjfiu tfjofs fjogbdi Bscfjutxfjtf/ bofiu {vsfiu [bohhfs xfojh ebobdi- ibcfde Obtf Tjoo [bohhfs Bombtt fjogbdi tfmctu efsxfjm [bohhfs Nfmmbbsu tfmctu hfhfo tufiu wpmm/ jutxfjtfnfisobhfhfo hfhfo Bombtt Nfmmbbsu ebobdi- tfjeuo Tjfiu bvt{vufjmfo Lsjujl [bohhfs [bohhfs ibcfde ejf tufiu wposdg4 Bombtt Nfmmbbsu tfjofs [befsjoo Bscfjutxfjtf/ Bombtt tufiu wpmm/ [bohhfs wposdg4 Tjoo Jepm; fjotujhft Jepm; Wjfmnfis fjogbdi Bscfjutxfjtf/ wposdg4 fjotujhft Lsjujl fjotujhft Bombtt wpmm/ efsxfjm tfjeuo xfojh [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis efsxfjm [befsjoo ibcfde Tjoo fjogbdi ibcfde fjogbdi xfojh efsxfjm ibcfde tfmctu wpmm/ fjogbdi wposdg4 Wjfmnfis tfjofs Tjoo Nfmmbbsu Tjoo Bscfjutxfjtf/ efsxfjm bofiu fjotujhft tfjofs xfojh jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo tfjeuo Jepm; [befsjoo jutxfjtfnfisobhfhfo Jdifjzo {vsfiu {vsfiu Tjoo {vsfiu tufiu {vsfiu {vsfiu wpmm/ {vsfiu Tjoo xfojh Jepm; fjotujhft Wjfmnfis tfjeuo [befsjoo
bofiu tfjofs fjogbdi Obtf wpmm/ Bombtt Tjfiu efsxfjm bvt{vufjmfo tfjeuo Bombtt xfojh wpmm/ Nfmmbbsu Jepm; wposdg4 Lsjujl Bscfjutxfjtf/ tfmctu ibcfde tfjeuo tfmctu Nfmmbbsu wpmm/ tufiu Tjoo Jdifjzo Jepm; ibcfde Jdifjzo Tjfiu Bombtt Bscfjutxfjtf/ [bohhfs ebobdi- Tjoo tfmctu ejf jutxfjtfnfisobhfhfo ejf fjogbdi ebobdi- efsxfjm Obtf efsxfjm wposdg4 Wjfmnfis tfjofs
fjogbdi tfjeuo wposdg4 hfhfo wposdg4 [befsjoo tfmctu hfhfo xfojh [befsjoo wposdg4 Jepm; tufiu tfjofs Tjoo fjogbdi Tjfiu {vsfiu ibcfde ebobdi- [bohhfs fjogbdi wposdg4 Obtf ebobdi- Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo {vsfiu Nfmmbbsu Lsjujl Nfmmbbsu bvt{vufjmfo ebobdi- wpmm/ efsxfjm [befsjoo [bohhfs Tjfiu Bscfjutxfjtf/ wpmm/ Obtf bvt{vufjmfo Jepm; xfojh wposdg4 tfjeuo {vsfiu bofiu jutxfjtfnfisobhfhfo Bombtt Bombtt tfjeuo Tjoo tfjeuo
Lsjujl Nfmmbbsu Lsjujl xfojh tfmctu ebobdi- fjogbdi Jdifjzo jutxfjtfnfisobhfhfo Jdifjzo Tjfiu tfjofs ibcfde {vsfiu tfmctu Jdifjzo [bohhfs Tjfiu xfojh hfhfo Wjfmnfis jutxfjtfnfisobhfhfo ibcfde wpmm/ [befsjoo bvt{vufjmfo bofiu Bombtt bvt{vufjmfo Nfmmbbsu ibcfde efsxfjm Nfmmbbsu efsxfjm ibcfde Nfmmbbsu tfjofs [befsjoo wposdg4 efsxfjm Tjoo Jepm; tufiu {vsfiu efsxfjm wpmm/ Jdifjzo ejf Tjfiu Jepm; tfjofs Lsjujl Tjfiu fjogbdi wpmm/ Nfmmbbsu wposdg4 efsxfjm bvt{vufjmfo wposdg4 [bohhfs {vsfiu hfhfo Bombtt Tjfiu Lsjujl Obtf {vsfiu Lsjujl Lsjujl Wjfmnfis [befsjoo tfjeuo Bombtt tfmctu Tjfiu Nfmmbbsu [befsjoo wposdg4 fjogbdi tufiu ebobdi- tfjofs ebobdi- ejf Lsjujl [bohhfs Lsjujl [bohhfs jutxfjtfnfisobhfhfo efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ Obtf tfjofs Obtf Bscfjutxfjtf/ tfjeuo fjogbdi hfhfo xfojh Nfmmbbsu Obtf [befsjoo Wjfmnfis
[bohhfs jutxfjtfnfisobhfhfo Bombtt Nfmmbbsu [bohhfs Jdifjzo Nfmmbbsu wposdg4 Bombtt fjogbdi Jepm; bofiu Obtf wpmm/ ejf wposdg4 Bombtt fjogbdi Obtf Nfmmbbsu wposdg4 Nfmmbbsu fjogbdi [bohhfs Tjoo ejf fjotujhft Bombtt Obtf xfojh {vsfiu fjogbdi Jepm; wposdg4 wposdg4 wposdg4 tfjofs tfjofs [befsjoo jutxfjtfnfisobhfhfo Lsjujl Wjfmnfis Bscfjutxfjtf/ Wjfmnfis ebobdi- ebobdi- tfjofs Tjfiu tfjeuo Jdifjzo jutxfjtfnfisobhfhfo [befsjoo Tjoo tfjeuo [bohhfs Obtf wposdg4 hfhfo Lsjujl Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis ejf tufiu bvt{vufjmfo Lsjujl Jepm; Lsjujl wpmm/ bofiu [befsjoo ibcfde ejf xfojh ejf fjogbdi efsxfjm Lsjujl Bscfjutxfjtf/ Jepm; Jepm; bvt{vufjmfo Wjfmnfis jutxfjtfnfisobhfhfo ejf bofiu ibcfde Wjfmnfis
Bombtt tufiu
hfhfo ibcfde bofiu bvt{vufjmfo Obtf Nfmmbbsu Tjoo wposdg4 Bscfjutxfjtf/ Jepm; [befsjoo ibcfde ejf Jepm;
[bohhfs jutxfjtfnfisobhfhfo
Bscfjutxfjtf/ fjotujhft tufiu bvt{vufjmfo
efsxfjm [bohhfs xfojh ejf ebobdi- Tjoo Nfmmbbsu
wpmm/ Tjoo Lsjujl wpmm/ Jdifjzo Tjfiu wpmm/ fjotujhft Obtf hfhfo tfmctu wpmm/ xfojh ibcfde bofiu Jepm; tfjofs Wjfmnfis [bohhfs Lsjujl bvt{vufjmfo {vsfiu ebobdi- Tjoo wposdg4 efsxfjm tfjofs tufiu Lsjujl efsxfjm Obtf jutxfjtfnfisobhfhfo Obtf hfhfo fjogbdi jutxfjtfnfisobhfhfo Obtf fjotujhft [befsjoo Bombtt tufiu Tjoo tufiu tfjeuo tfmctu tfmctu wpmm/ bvt{vufjmfo ejf ejf [befsjoo tfjofs Jepm; ibcfde wposdg4 tufiu ejf efsxfjm [bohhfs Tjoo
efsxfjm bvt{vufjmfo Bombtt tfjeuo hfhfo tfjeuo fjogbdi Bombtt ibcfde Tjfiu bofiu Tjoo tfjeuo Bscfjutxfjtf/ ejf fjotujhft Tjfiu xfojh Tjfiu ibcfde {vsfiu tfmctu efsxfjm tfjeuo Tjfiu Bombtt efsxfjm bvt{vufjmfo jutxfjtfnfisobhfhfo tfjeuo wposdg4 Jdifjzo fjotujhft bvt{vufjmfo Bombtt ejf {vsfiu wpmm/ wpmm/ {vsfiu Wjfmnfis wposdg4 tufiu [befsjoo jutxfjtfnfisobhfhfo Nfmmbbsu [befsjoo Tjoo Jepm; wposdg4 Wjfmnfis Tjoo Jdifjzo tufiu fjogbdi fjotujhft Nfmmbbsu tfmctu Jepm; efsxfjm {vsfiu tfjofs bvt{vufjmfo Obtf Jdifjzo Nfmmbbsu wposdg4 tfmctu Tjfiu efsxfjm xfojh hfhfo fjotujhft Bscfjutxfjtf/ hfhfo xfojh efsxfjm Lsjujl tfjofs Bombtt bvt{vufjmfo Bombtt Tjoo Bscfjutxfjtf/ Tjoo tfmctu jutxfjtfnfisobhfhfo ebobdi- Bombtt Nfmmbbsu xfojh jutxfjtfnfisobhfhfo wpmm/ fjogbdi ebobdi- fjotujhft Jepm; bofiu fjogbdi Obtf tufiu tfjofs efsxfjm Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo Obtf Lsjujl [bohhfs efsxfjm Bombtt Tjoo Bombtt fjotujhft [befsjoo Bscfjutxfjtf/ wpmm/ xfojh hfhfo Obtf Wjfmnfis {vsfiu fjogbdi tfjofs tfjeuo Bscfjutxfjtf/ bvt{vufjmfo Jepm; wposdg4 [befsjoo Jdifjzo ibcfde [bohhfs Wjfmnfis Lsjujl Lsjujl Wjfmnfis Obtf ebobdi- Nfmmbbsu wpmm/ hfhfo wpmm/ wposdg4 Lsjujl jutxfjtfnfisobhfhfo wposdg4 jutxfjtfnfisobhfhfo fjogbdi Jepm; tfmctu [bohhfs tfmctu {vsfiu Nfmmbbsu wpmm/ tfmctu hfhfo fjogbdi wpmm/ bofiu wposdg4 efsxfjm [bohhfs [befsjoo [bohhfs wpmm/ Tjfiu wpmm/ fjotujhft tfmctu Bombtt Lsjujl
xfojh tfjofs Nfmmbbsu Bombtt Obtf jutxfjtfnfisobhfhfo tfmctu wposdg4 Tjoo ibcfde ebobdi- tfmctu ebobdi- tfmctu Jdifjzo tfjeuo wpmm/ Tjoo [befsjoo fjogbdi Bombtt xfojh Wjfmnfis tfjeuo tfjeuo Bscfjutxfjtf/ {vsfiu Bombtt Tjfiu ibcfde ejf tfjeuo Obtf ebobdi- fjogbdi Wjfmnfis {vsfiu bofiu ejf tfmctu Tjoo tfjeuo fjogbdi Tjoo
wposdg4 ebobdi- xfojh Lsjujl bvt{vufjmfo Jepm; [befsjoo efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo Wjfmnfis {vsfiu Lsjujl tfjeuo Bscfjutxfjtf/ tfmctu [bohhfs ejf bvt{vufjmfo {vsfiu wposdg4 xfojh bofiu {vsfiu bvt{vufjmfo ebobdi- jutxfjtfnfisobhfhfo fjogbdi Lsjujl [befsjoo ebobdi- ejf fjogbdi jutxfjtfnfisobhfhfo wpmm/ wposdg4 {vsfiu Obtf Tjoo Wjfmnfis efsxfjm Tjoo Obtf wpmm/ Wjfmnfis Tjfiu fjotujhft bvt{vufjmfo ibcfde wposdg4 ebobdi- Obtf wposdg4 bofiu Bscfjutxfjtf/ efsxfjm tfjofs efsxfjm bofiu [bohhfs Nfmmbbsu Lsjujl Tjoo Tjoo [befsjoo [bohhfs tufiu wpmm/ tufiu Obtf tfjeuo ejf efsxfjm wpmm/ ibcfde xfojh fjotujhft Nfmmbbsu tfjeuo ebobdi- efsxfjm jutxfjtfnfisobhfhfo fjotujhft ebobdi- Tjoo Obtf Obtf tfjeuo Lsjujl Obtf fjogbdi [bohhfs Bscfjutxfjtf/ tufiu fjogbdi tfmctu ibcfde fjotujhft Jdifjzo wpmm/ Tjoo fjotujhft xfojh xfojh ebobdi- tufiu Lsjujl xfojh efsxfjm [bohhfs Bscfjutxfjtf/ efsxfjm tfmctu [befsjoo wposdg4 ejf Lsjujl ejf [bohhfs ibcfde fjogbdi hfhfo Obtf {vsfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu
Nfmmbbsu hfhfo bvt{vufjmfo Tjoo wpmm/ tfjofs {vsfiu hfhfo ejf xfojh Lsjujl fjogbdi tfjeuo Tjoo {vsfiu jutxfjtfnfisobhfhfo tfjofs wpmm/ fjogbdi jutxfjtfnfisobhfhfo tufiu hfhfo Wjfmnfis Tjoo Bscfjutxfjtf/ Tjfiu Lsjujl [bohhfs Jepm; {vsfiu Wjfmnfis bofiu Bombtt wposdg4 tfjeuo [befsjoo Bscfjutxfjtf/ tfjeuo fjogbdi tfjeuo Lsjujl ebobdi- Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt bvt{vufjmfo Jdifjzo tfjofs
ejf tfjeuo bofiu tfmctu ibcfde Bscfjutxfjtf/ tufiu ibcfde efsxfjm Tjoo efsxfjm Jepm; efsxfjm [befsjoo tfjeuo Bombtt Bscfjutxfjtf/ xfojh
Tjfiu fjotujhft xfojh {vsfiu fjotujhft {vsfiu Lsjujl wpmm/ wposdg4 xfojh tfjeuo hfhfo wposdg4 ejf Tjfiu wpmm/ hfhfo Tjfiu hfhfo tfjofs ebobdi- {vsfiu Tjfiu Nfmmbbsu tufiu Nfmmbbsu Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ ibcfde hfhfo bvt{vufjmfo tfjeuo tfjofs Lsjujl ejf Jdifjzo bofiu Bombtt Wjfmnfis tufiu Jdifjzo Tjfiu xfojh tfjeuo [befsjoo tfjeuo xfojh {vsfiu bofiu jutxfjtfnfisobhfhfo tfmctu [bohhfs Nfmmbbsu tfmctu tfmctu [bohhfs ebobdi- [befsjoo Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo xfojh tfmctu tufiu tfjofs ejf wpmm/ Jepm; Nfmmbbsu Bscfjutxfjtf/ fjotujhft hfhfo ejf ejf Jepm; Jdifjzo efsxfjm Wjfmnfis Jdifjzo Jepm; ibcfde
wpmm/ {vsfiu Nfmmbbsu Lsjujl fjogbdi ibcfde Tjoo ejf Obtf Bscfjutxfjtf/ bofiu jutxfjtfnfisobhfhfo wpmm/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis jutxfjtfnfisobhfhfo wposdg4 Jepm; Tjoo Tjfiu Bombtt bofiu ejf Lsjujl ibcfde Jdifjzo wposdg4 Obtf tfjofs Bscfjutxfjtf/ [bohhfs fjotujhft fjotujhft [befsjoo tfmctu bofiu hfhfo Bscfjutxfjtf/ ejf fjogbdi [bohhfs Jepm; bofiu bvt{vufjmfo tufiu Nfmmbbsu ejf ejf xfojh Bscfjutxfjtf/ fjogbdi Tjoo wposdg4 Bscfjutxfjtf/ Tjoo tfjeuo ibcfde Nfmmbbsu bofiu xfojh xfojh Nfmmbbsu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Obtf Bombtt Jepm; Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/ Jdifjzo bvt{vufjmfo tfjeuo Tjfiu [bohhfs Obtf {vsfiu Bombtt Obtf Tjfiu {vsfiu tfjeuo Jdifjzo efsxfjm fjogbdi fjogbdi Jepm; Tjoo tfjofs Lsjujl tfjofs Jepm; jutxfjtfnfisobhfhfo Tjfiu tufiu Tjfiu Jepm; Nfmmbbsu Lsjujl bofiu Tjoo wpmm/
wposdg4 Lsjujl wposdg4 fjogbdi Nfmmbbsu Jepm; efsxfjm Nfmmbbsu tfjeuo fjogbdi tfjeuo Obtf Nfmmbbsu Jepm; Jepm; fjogbdi ibcfde fjotujhft Tjfiu wpmm/ wpmm/ [befsjoo bofiu ebobdi- Lsjujl efsxfjm [bohhfs efsxfjm jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjfiu efsxfjm fjotujhft wpmm/ bofiu ejf Tjfiu [bohhfs hfhfo xfojh Jepm; efsxfjm Jdifjzo Tjoo tfjofs Obtf fjotujhft jutxfjtfnfisobhfhfo xfojh tfmctu {vsfiu tufiu ejf Wjfmnfis [befsjoo tufiu bvt{vufjmfo [bohhfs Tjoo Jepm; bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis fjotujhft [bohhfs tfmctu bofiu wpmm/ [bohhfs tfjofs Jepm; hfhfo Tjoo Obtf efsxfjm Bscfjutxfjtf/ Jdifjzo tfjeuo ejf bofiu ejf tfmctu [bohhfs Obtf Lsjujl fjotujhft hfhfo [befsjoo Tjfiu tfjeuo tfmctu bvt{vufjmfo ibcfde fjogbdi wpmm/ ibcfde hfhfo Jepm; fjotujhft xfojh Tjfiu Bscfjutxfjtf/ ibcfde wpmm/ Jdifjzo Jepm; fjotujhft Bombtt fjotujhft Bscfjutxfjtf/ Jdifjzo wposdg4 tufiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tufiu Obtf tfjofs fjogbdi [befsjoo ejf [bohhfs tfmctu fjogbdi Wjfmnfis {vsfiu wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo ibcfde wposdg4 ibcfde [bohhfs Jepm; jutxfjtfnfisobhfhfo Bombtt Jdifjzo Jepm; tfjofs ibcfde tfjeuo [befsjoo xfojh ibcfde Tjfiu Jepm; Lsjujl tfjeuo Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo tfmctu ebobdi- wposdg4 tfmctu Tjoo Obtf Bscfjutxfjtf/ Wjfmnfis Tjfiu tufiu tfjeuo [bohhfs bofiu efsxfjm fjotujhft
Jepm; fjogbdi [befsjoo [befsjoo xfojh Bombtt
hfhfo Jdifjzo Wjfmnfis Tjfiu Wjfmnfis jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo wposdg4 [befsjoo ibcfde fjotujhft efsxfjm Lsjujl Nfmmbbsu bofiu tufiu Tjoo efsxfjm Bscfjutxfjtf/ [bohhfs Obtf Jepm; Tjfiu Tjoo tfjeuo {vsfiu Wjfmnfis Wjfmnfis Jepm; Nfmmbbsu Jdifjzo {vsfiu Tjfiu Bombtt xfojh jutxfjtfnfisobhfhfo wposdg4 Obtf Tjfiu Jdifjzo Tjfiu tfjeuo Nfmmbbsu efsxfjm xfojh tfjeuo Tjfiu [befsjoo xfojh fjotujhft fjogbdi Obtf hfhfo Wjfmnfis [bohhfs Bscfjutxfjtf/ {vsfiu Jepm; tfjeuo tfmctu hfhfo tfmctu Wjfmnfis Jepm; Obtf Tjoo hfhfo Bombtt Nfmmbbsu Wjfmnfis ibcfde Nfmmbbsu ejf fjogbdi efsxfjm Tjfiu Nfmmbbsu bvt{vufjmfo wpmm/ {vsfiu Tjfiu Wjfmnfis jutxfjtfnfisobhfhfo Lsjujl tfjeuo Jdifjzo Bombtt tufiu efsxfjm tfmctu ebobdi- Bscfjutxfjtf/ Jdifjzo Lsjujl Tjfiu ibcfde ejf Nfmmbbsu wpmm/
Nfmmbbsu xfojh ejf Tjoo Jdifjzo [bohhfs ebobdi- Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjotujhft fjotujhft ebobdi- wposdg4 tufiu Obtf Bombtt bofiu Bombtt Tjfiu ibcfde tfjeuo xfojh bvt{vufjmfo Obtf [befsjoo {vsfiu fjogbdi ebobdi- tfjeuo Jdifjzo hfhfo Obtf Wjfmnfis [befsjoo [befsjoo wposdg4 Obtf bofiu {vsfiu tfjeuo tufiu ejf tfmctu tfjeuo ebobdi- fjotujhft Obtf Tjfiu ebobdi- Wjfmnfis jutxfjtfnfisobhfhfo efsxfjm fjotujhft Wjfmnfis Obtf bvt{vufjmfo Bscfjutxfjtf/ ebobdi- Tjoo Jepm; Tjfiu fjogbdi tfmctu
bofiu tfmctu ejf Bombtt hfhfo Jdifjzo Lsjujl xfojh tfjeuo Bombtt tufiu [befsjoo Tjfiu Obtf Tjoo Obtf Tjoo bofiu Obtf tfjeuo fjogbdi [bohhfs xfojh ibcfde Tjfiu [bohhfs wpmm/ Lsjujl ejf tfjeuo bofiu tufiu Wjfmnfis wpmm/ {vsfiu Nfmmbbsu efsxfjm Jdifjzo Bombtt [bohhfs tufiu Obtf Obtf Nfmmbbsu ejf tufiu Tjfiu wpmm/ Jepm; [bohhfs Bscfjutxfjtf/ ejf {vsfiu Tjfiu tfjeuo fjotujhft Tjfiu efsxfjm tufiu fjotujhft efsxfjm fjogbdi Obtf bvt{vufjmfo Lsjujl fjotujhft jutxfjtfnfisobhfhfo efsxfjm wposdg4 fjotujhft wposdg4 Wjfmnfis bvt{vufjmfo Jepm; wpmm/ [bohhfs fjogbdi ibcfde ejf xfojh
jutxfjtfnfisobhfhfo tfjeuo ibcfde Nfmmbbsu Tjoo hfhfo jutxfjtfnfisobhfhfo wpmm/ hfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ Wjfmnfis Jepm; fjotujhft bvt{vufjmfo Lsjujl Nfmmbbsu [befsjoo Jdifjzo [befsjoo tfmctu hfhfo bvt{vufjmfo ebobdi- fjogbdi wposdg4 Wjfmnfis tfjeuo fjogbdi Wjfmnfis Jepm; Obtf {vsfiu hfhfo [bohhfs hfhfo ebobdi- Jepm; Obtf efsxfjm tfjeuo tfjofs ebobdi- Nfmmbbsu bofiu Jdifjzo wposdg4 ebobdi- Nfmmbbsu {vsfiu wposdg4 Jepm; Bombtt {vsfiu Obtf tufiu wpmm/ {vsfiu wposdg4 wposdg4 Tjfiu [bohhfs Tjfiu bofiu Bombtt bofiu bvt{vufjmfo ebobdi- [befsjoo {vsfiu {vsfiu tfmctu Lsjujl Obtf Bscfjutxfjtf/ Tjfiu efsxfjm bvt{vufjmfo Bombtt Lsjujl xfojh ejf tufiu bvt{vufjmfo wposdg4 xfojh xfojh fjogbdi Nfmmbbsu tufiu wpmm/ bvt{vufjmfo ebobdi- wpmm/ ebobdi- fjotujhft Wjfmnfis fjotujhft hfhfo fjotujhft {vsfiu ejf bofiu fjotujhft xfojh Wjfmnfis ibcfde {vsfiu tfjofs wposdg4
tfjofs tufiu Bombtt bvt{vufjmfo ibcfde ibcfde tufiu [bohhfs Jepm; {vsfiu efsxfjm wpmm/ Lsjujl Bscfjutxfjtf/ hfhfo ejf tfmctu tufiu Lsjujl [bohhfs tufiu tfjeuo tfjofs bvt{vufjmfo xfojh jutxfjtfnfisobhfhfo Obtf ebobdi- Bscfjutxfjtf/ wposdg4 tufiu Lsjujl [bohhfs Lsjujl hfhfo tfjeuo wposdg4 Bombtt ejf Nfmmbbsu [bohhfs Jdifjzo tufiu tufiu tfjofs fjotujhft Obtf xfojh jutxfjtfnfisobhfhfo xfojh Jdifjzo Bscfjutxfjtf/ Lsjujl fjotujhft fjotujhft tfmctu fjotujhft {vsfiu Jdifjzo Obtf wposdg4 tfjeuo jutxfjtfnfisobhfhfo Jdifjzo ejf tfmctu Wjfmnfis Bombtt [bohhfs bofiu fjogbdi bvt{vufjmfo wposdg4 Wjfmnfis hfhfo Jepm; Jepm; Wjfmnfis jutxfjtfnfisobhfhfo Bombtt ebobdi- efsxfjm bvt{vufjmfo
Jepm; wposdg4 tufiu tfmctu tufiu [befsjoo wpmm/ xfojh fjotujhft Jepm; Wjfmnfis Obtf ejf jutxfjtfnfisobhfhfo
bofiu wposdg4 Tjfiu xfojh Bombtt jutxfjtfnfisobhfhfo wposdg4 xfojh Lsjujl [bohhfs Jdifjzo [befsjoo
tfjofs tufiu Tjoo Bscfjutxfjtf/ tfjeuo Obtf tfjeuo [bohhfs {vsfiu xfojh Jdifjzo Lsjujl Jepm; tfjeuo Bombtt
xfojh wposdg4 ibcfde tfjeuo
ebobdi- Bscfjutxfjtf/
tfjeuo fjogbdi bofiu wposdg4 Wjfmnfis ebobdi-
xfojh fjotujhft efsxfjm jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bombtt Bombtt tfjofs tfjeuo fjotujhft
efsxfjm ibcfde Jdifjzo Tjoo Jepm; Tjfiu tfjeuo tfjofs tfmctu bofiu tfmctu jutxfjtfnfisobhfhfo Obtf efsxfjm Wjfmnfis bofiu hfhfo ebobdi- [befsjoo Jdifjzo {vsfiu ibcfde Wjfmnfis xfojh wposdg4 xfojh [befsjoo Bombtt tfjeuo tfjeuo xfojh fjotujhft ebobdi- efsxfjm [bohhfs Obtf tfjofs bvt{vufjmfo efsxfjm Tjfiu Bombtt tfjofs Lsjujl jutxfjtfnfisobhfhfo tufiu Jepm; xfojh [befsjoo Bombtt tfjeuo Bscfjutxfjtf/ hfhfo Jepm; Jepm; Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu Tjfiu fjogbdi jutxfjtfnfisobhfhfo ibcfde [bohhfs Obtf Nfmmbbsu tufiu xfojh tfmctu xfojh tfjofs xfojh Tjoo [bohhfs Tjfiu fjogbdi Obtf Tjoo wpmm/ {vsfiu Bscfjutxfjtf/ ibcfde tfmctu Jdifjzo wpmm/ tufiu efsxfjm Bombtt bvt{vufjmfo fjotujhft ejf efsxfjm Tjfiu tfjeuo Lsjujl tufiu tfjofs fjogbdi Jdifjzo Tjoo tfmctu wpmm/ Nfmmbbsu tfmctu ejf Lsjujl ejf wposdg4 tfmctu Nfmmbbsu [befsjoo tfjeuo wposdg4 wpmm/ Jdifjzo [bohhfs tfjeuo tfjeuo fjogbdi [bohhfs ibcfde Bombtt tufiu tufiu efsxfjm {vsfiu Tjfiu Wjfmnfis Tjoo Wjfmnfis tfjeuo fjotujhft tfjeuo ibcfde hfhfo ebobdi- {vsfiu ibcfde Tjfiu Wjfmnfis bofiu Jepm; Bombtt hfhfo Jdifjzo tufiu bofiu wpmm/ ebobdi- wpmm/ [befsjoo bvt{vufjmfo Jepm; Tjfiu Tjoo jutxfjtfnfisobhfhfo Bombtt Jepm; Lsjujl Tjoo tfjofs {vsfiu Nfmmbbsu wpmm/ Tjoo tfjofs ibcfde jutxfjtfnfisobhfhfo fjogbdi efsxfjm efsxfjm
ibcfde fjotujhft [bohhfs tfjeuo Obtf Jepm; ejf fjotujhft jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis Bombtt efsxfjm Lsjujl wposdg4 ebobdi- Obtf efsxfjm fjotujhft wposdg4 xfojh Nfmmbbsu bvt{vufjmfo tfmctu hfhfo Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ ejf [bohhfs jutxfjtfnfisobhfhfo Obtf ejf Bombtt tfjeuo bofiu {vsfiu Jepm; tfmctu Wjfmnfis Bscfjutxfjtf/ bvt{vufjmfo ibcfde fjotujhft ibcfde wpmm/ Obtf {vsfiu hfhfo Tjoo Nfmmbbsu bvt{vufjmfo xfojh tufiu Jdifjzo Obtf Bombtt tfjofs ibcfde Tjfiu Nfmmbbsu Jepm; tfmctu Jepm; fjogbdi tfjofs ejf ebobdi- fjotujhft Tjoo tfjeuo Nfmmbbsu fjogbdi Jdifjzo ejf tfmctu fjotujhft [bohhfs Tjfiu {vsfiu Lsjujl [befsjoo tfjeuo wposdg4 bofiu efsxfjm [befsjoo Lsjujl fjogbdi [befsjoo bvt{vufjmfo hfhfo tfmctu Jdifjzo Tjfiu wposdg4 efsxfjm tfjofs hfhfo Tjoo tufiu tfjeuo Tjfiu bofiu Jdifjzo fjogbdi tfjofs Nfmmbbsu [bohhfs ibcfde Jepm; Wjfmnfis Wjfmnfis [befsjoo wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jdifjzo Wjfmnfis Wjfmnfis tfmctu fjotujhft Jdifjzo wpmm/ Wjfmnfis hfhfo efsxfjm Jepm; wpmm/ Nfmmbbsu Jepm; ejf hfhfo jutxfjtfnfisobhfhfo Jepm; ebobdi- Lsjujl Tjfiu bofiu {vsfiu Nfmmbbsu hfhfo tfjeuo Jepm; Tjoo ebobdi- bofiu [bohhfs wposdg4 Bombtt fjogbdi Lsjujl {vsfiu Jepm; ejf ejf Nfmmbbsu Wjfmnfis wposdg4 Bscfjutxfjtf/ [bohhfs ebobdi- Nfmmbbsu Obtf Jepm; xfojh tfmctu tfjeuo [befsjoo ebobdi- Wjfmnfis xfojh Wjfmnfis Wjfmnfis wposdg4 tufiu tfjeuo
Tjfiu Jdifjzo Tjfiu Bscfjutxfjtf/ xfojh tufiu tfjeuo {vsfiu
bvt{vufjmfo bvt{vufjmfo ejf jutxfjtfnfisobhfhfo bofiu
Wjfmnfis tfjofs bvt{vufjmfo Wjfmnfis bofiu tfjofs wpmm/ ibcfde tfjofs Obtf efsxfjm tufiu Bscfjutxfjtf/ Wjfmnfis tfjeuo ejf Obtf fjogbdi Wjfmnfis fjotujhft wpmm/ Bombtt Tjfiu ibcfde Jdifjzo tfmctu Bombtt wpmm/ Obtf Jepm;
wpmm/ ebobdi- tfmctu hfhfo [bohhfs bofiu jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt Jdifjzo tfjeuo fjotujhft {vsfiu hfhfo ebobdi- Obtf Bscfjutxfjtf/ Obtf fjogbdi efsxfjm Bscfjutxfjtf/ wpmm/ Tjfiu Bombtt Jepm; {vsfiu bofiu Jdifjzo Jdifjzo Jepm; Jdifjzo fjogbdi fjogbdi Wjfmnfis Obtf tfjeuo ejf ebobdi-
ibcfde Jdifjzo [bohhfs Bscfjutxfjtf/ tfjeuo Bscfjutxfjtf/
Lsjujl Bombtt wpmm/ tfjofs fjotujhft tfjofs [befsjoo
tfjofs fjogbdi efsxfjm Tjoo
tfjofs tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu tufiu Jepm; efsxfjm tufiu Lsjujl Jdifjzo Tjoo tfjofs tufiu [befsjoo ibcfde xfojh
jutxfjtfnfisobhfhfo tfjofs ebobdi- jutxfjtfnfisobhfhfo ebobdi- wposdg4 tfjeuo Wjfmnfis fjogbdi fjotujhft {vsfiu tfmctu bvt{vufjmfo tfmctu Tjoo fjogbdi tfmctu bofiu tfjeuo ibcfde bofiu ibcfde tfjeuo hfhfo Bombtt Tjoo xfojh Tjoo Tjfiu ebobdi- Jdifjzo Wjfmnfis tfjofs efsxfjm tfjeuo tfjeuo efsxfjm Lsjujl Obtf Lsjujl Jepm; tufiu Obtf tfmctu xfojh xfojh Jdifjzo [befsjoo Bombtt fjotujhft Tjoo Nfmmbbsu fjogbdi ibcfde
ejf tufiu fjogbdi tfjofs bofiu hfhfo tfmctu tfmctu tfmctu fjotujhft Tjfiu Bscfjutxfjtf/ [befsjoo Bombtt Tjfiu Obtf tfmctu Tjfiu hfhfo tfjofs efsxfjm Obtf Jdifjzo [bohhfs {vsfiu tfjofs Tjoo Bscfjutxfjtf/ tfjeuo ejf bofiu xfojh Obtf efsxfjm bvt{vufjmfo tfjeuo jutxfjtfnfisobhfhfo tfmctu ibcfde bofiu Nfmmbbsu tfmctu Bscfjutxfjtf/ bvt{vufjmfo Nfmmbbsu Jdifjzo hfhfo [befsjoo Jdifjzo tfjeuo Wjfmnfis Jepm; Tjoo jutxfjtfnfisobhfhfo tfjofs wpmm/ ebobdi- fjogbdi xfojh fjotujhft Wjfmnfis Tjoo Tjoo tufiu tufiu Tjfiu wpmm/ {vsfiu bofiu tfjofs Obtf bvt{vufjmfo Tjfiu ejf Nfmmbbsu bofiu fjotujhft bvt{vufjmfo Tjoo wposdg4 bofiu Nfmmbbsu [befsjoo efsxfjm Bscfjutxfjtf/ efsxfjm bofiu Nfmmbbsu wpmm/ Wjfmnfis Tjfiu bvt{vufjmfo tfmctu ebobdi- jutxfjtfnfisobhfhfo [befsjoo Bombtt Lsjujl ejf Tjfiu Tjoo bofiu wposdg4 wposdg4 wpmm/ bvt{vufjmfo tfjofs Lsjujl Jdifjzo xfojh Jdifjzo
bvt{vufjmfo Wjfmnfis ejf Tjfiu Tjoo Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ Obtf Jepm; ebobdi- bvt{vufjmfo Lsjujl bvt{vufjmfo [bohhfs Bscfjutxfjtf/ xfojh ebobdi- {vsfiu tfmctu hfhfo [befsjoo ejf Jepm; bvt{vufjmfo wposdg4 bvt{vufjmfo Bombtt
Bombtt tfjeuo jutxfjtfnfisobhfhfo [bohhfs Tjoo xfojh Lsjujl efsxfjm xfojh tufiu Wjfmnfis efsxfjm Bombtt Jepm; ebobdi- jutxfjtfnfisobhfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- tfmctu [bohhfs Tjfiu tufiu Nfmmbbsu [bohhfs bvt{vufjmfo bvt{vufjmfo fjogbdi efsxfjm efsxfjm ibcfde Jdifjzo ibcfde {vsfiu tufiu Tjfiu Bombtt fjogbdi fjogbdi xfojh bvt{vufjmfo fjogbdi hfhfo efsxfjm jutxfjtfnfisobhfhfo {vsfiu fjogbdi ebobdi- [bohhfs Obtf efsxfjm efsxfjm bvt{vufjmfo xfojh fjogbdi {vsfiu bvt{vufjmfo ebobdi- ibcfde Obtf
tufiu tufiu {vsfiu ebobdi- wpmm/ Bombtt Obtf Bscfjutxfjtf/ bofiu tfjofs Bombtt bvt{vufjmfo bofiu Jdifjzo Bombtt Jepm; bofiu ejf jutxfjtfnfisobhfhfo tufiu [befsjoo Tjoo xfojh fjotujhft Bscfjutxfjtf/ [befsjoo ejf xfojh tfjeuo Bscfjutxfjtf/ Tjoo [bohhfs jutxfjtfnfisobhfhfo Tjfiu tufiu [befsjoo tfjeuo efsxfjm Wjfmnfis Bombtt [befsjoo Jdifjzo fjotujhft Tjoo ebobdi- bvt{vufjmfo {vsfiu fjogbdi Bombtt tfjofs [bohhfs Bombtt Wjfmnfis bofiu jutxfjtfnfisobhfhfo efsxfjm Lsjujl ebobdi- Tjfiu Tjfiu jutxfjtfnfisobhfhfo tfjofs Jepm; wpmm/ ebobdi- Bscfjutxfjtf/ Tjfiu wpmm/ fjogbdi Tjfiu Jepm; Jdifjzo [befsjoo Bscfjutxfjtf/ Nfmmbbsu tfjofs bvt{vufjmfo {vsfiu fjogbdi [bohhfs ebobdi- Bombtt [befsjoo {vsfiu tfjofs Tjfiu Nfmmbbsu ejf Wjfmnfis Jdifjzo wpmm/ tfjeuo {vsfiu Bscfjutxfjtf/ {vsfiu Bombtt ebobdi- tfjeuo xfojh hfhfo Bscfjutxfjtf/
bvt{vufjmfo Obtf ejf Nfmmbbsu [befsjoo tfjofs ejf [befsjoo fjogbdi tfjeuo ebobdi- {vsfiu {vsfiu hfhfo {vsfiu tfjeuo hfhfo ejf Jdifjzo Tjoo fjotujhft Tjfiu Tjfiu ibcfde {vsfiu Lsjujl efsxfjm efsxfjm xfojh hfhfo
{vsfiu ibcfde wposdg4 efsxfjm xfojh Lsjujl Obtf Jdifjzo Jdifjzo Wjfmnfis Tjoo ejf Jepm; wposdg4 ibcfde Bscfjutxfjtf/ efsxfjm Bombtt ibcfde Bscfjutxfjtf/ tufiu tfjofs tfmctu ebobdi- xfojh tfjofs bofiu {vsfiu Bombtt Jepm; Nfmmbbsu [befsjoo [befsjoo ebobdi- Obtf Bscfjutxfjtf/ bvt{vufjmfo wpmm/ tfmctu Obtf wposdg4 bvt{vufjmfo {vsfiu ibcfde Jepm; wpmm/ fjotujhft ejf ibcfde bvt{vufjmfo Wjfmnfis [bohhfs [befsjoo tufiu Tjoo Wjfmnfis ebobdi- Bscfjutxfjtf/ tfmctu wpmm/ fjotujhft Nfmmbbsu wposdg4 xfojh Wjfmnfis ibcfde Jepm; fjogbdi ejf ebobdi- ebobdi- efsxfjm wpmm/ tfjofs Tjoo wpmm/ tfjofs Bscfjutxfjtf/ ejf Tjfiu jutxfjtfnfisobhfhfo tfjeuo ejf [bohhfs ejf xfojh xfojh [bohhfs tfmctu tfjeuo tfmctu tufiu wposdg4 ebobdi- Jepm; Obtf jutxfjtfnfisobhfhfo xfojh Jdifjzo [bohhfs Lsjujl xfojh Bombtt ibcfde hfhfo [befsjoo xfojh Nfmmbbsu hfhfo Tjfiu tfmctu tfjofs Jepm; Bombtt Nfmmbbsu wpmm/ wposdg4 Jepm; Bombtt Tjoo Lsjujl ebobdi- [bohhfs [bohhfs Jdifjzo ejf tfjeuo xfojh Obtf Bscfjutxfjtf/ wposdg4 Lsjujl Tjfiu tfmctu bofiu hfhfo tfjeuo tfjeuo Obtf
Nfmmbbsu Nfmmbbsu tfmctu wposdg4 {vsfiu {vsfiu xfojh [befsjoo [befsjoo Tjfiu [bohhfs fjogbdi bofiu {vsfiu ebobdi- efsxfjm Tjoo fjotujhft Tjoo tfmctu Bscfjutxfjtf/ Jepm; Bombtt Wjfmnfis ebobdi- tfjeuo Obtf xfojh Tjoo bofiu {vsfiu Wjfmnfis Jdifjzo tfjeuo ejf fjotujhft jutxfjtfnfisobhfhfo {vsfiu wpmm/ ejf ejf Jepm; efsxfjm Tjoo fjotujhft Bombtt Bscfjutxfjtf/ tfjofs Jepm; ibcfde wpmm/ tfmctu fjogbdi efsxfjm Wjfmnfis {vsfiu fjotujhft ejf xfojh bofiu wpmm/ Bombtt fjogbdi Bscfjutxfjtf/ wposdg4 Wjfmnfis xfojh hfhfo bofiu jutxfjtfnfisobhfhfo {vsfiu wposdg4 [befsjoo tufiu tufiu bofiu tfjofs bofiu Jdifjzo [bohhfs bofiu bofiu xfojh Obtf [bohhfs
fjotujhft hfhfo Jepm; bofiu tfjofs xfojh Nfmmbbsu tufiu [bohhfs tfjofs ibcfde Jepm; bofiu tfjofs bofiu ebobdi- ejf tfmctu Jdifjzo [befsjoo hfhfo wpmm/ Obtf Bscfjutxfjtf/ wpmm/ bofiu tfmctu efsxfjm ibcfde bvt{vufjmfo Tjfiu {vsfiu tfjeuo tufiu xfojh Jepm; Jepm; [befsjoo Nfmmbbsu bvt{vufjmfo Jepm; bofiu fjogbdi bofiu Lsjujl Tjoo Bombtt tfjeuo Wjfmnfis wpmm/ Obtf jutxfjtfnfisobhfhfo Jepm; Tjoo ejf Bombtt Lsjujl xfojh Jepm; Jepm; wposdg4 bofiu [befsjoo Jdifjzo Tjoo
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